Physicians often under-value their practice just like any business owner can. The trap is easy to fall into since most practitioners feel the value is in their own work and the rest is part of the process. This is true and yet there exists plenty of opportunity to treat the practice like a business asset, manage its opportunities as such, and reach valuation goals well beyond the normal sale price. When it comes to business a medical, dental, or optical practice is no different from any other and because of the high cash flow and potential for many employees, would do well to be treated more like a large corporation.
Record keeping method and technology
Retained earnings and benefits
Each one of these requires much attention to detail, especially when it comes to tax strategies. The list may seem simple but when you really understand what something like Earnings Reports can do for you, it’s a true eye opener. Real estate has dramatic tax advantages as well, depending on your legal designation.
At Ecspex we focus on these and much more, bringing a variety of strategies and potential solutions to the table.
We live in an age of unlimited opportunities. There is no reason why anyone with desire shouldn’t be successful, whether that’s measured with money or impact on society. Even in the case of physicians and the dark cloud of over-regulation, there exists more ways to be productive in that field than ever before. Gone are the days of toting a bag, or simply lining up one patient after another. You can even see fewer patients but achieve higher gross revenue. At the other end of the spectrum you can increase patient load without risking revenue, even if a higher percentage don’t pay.
Anyone with a good idea can form a business to provide a product or service. They can do this with little to no cost. You can literally go to the public library, log onto a computer for free, open a WordPress account, and begin building an online business completely free. How successful it becomes is still in your hands, but the tools are free. You don’t need the high expense of phone systems, postage, location, travel, employees… You only need a way to get paid and a Paypal account is free too, they just take a small portion as the money comes in. So what’s holding you back?
The uniqueness of business opportunity is that it gives you everything you need in life; a permanent job, respect, flexibility, freedom to set your own pace and schedule, location and much more. In addition to personal and creative freedom, business opportunity today can provide a level of multifaceted entrepreneurial-ism at a level never before seen. Jump into any business at any time, or add your own new concepts utilizing technology to your current platform. Your own energy and desire will dictate your limits.
By multifaceted I mean you can literally pursue multiple business platforms at one time. Most entrepreneurs I know are operating between 3 and 6 different platforms at one time, using the high energy level of creativity, caused by demands of business development, to efficiently think and pursue, while the iron is hot, so to speak. If you wait for one platform to be complete you may never start another!
What drives opportunity? The driving force behind up-swelling opportunity is technology, a social revolution in communication, access to anything and quickly, the ability to assemble a whole business from parts others create, and creative minds. Your opportunities are only limited by your open mind to see a big picture or solve a need, and your energy. But not just your energy, also how well you utilize the available energy of others who provide products, services, systems, and expertise you can assemble into your own vision.
How can you utilize opportunity? To pursue your opportunities you must begin by planning. I had to plan this blog post with an outline, otherwise (and maybe still) it might be all over the place, and the resulting lack of coherent thought would prevent you from reading and obtaining any benefit. As it is, I have followed the outline and will be able to conclude this soon! This blog began with a passion, a passion to provide you with the idea that you can expand within or outside of your practice and pursue multiple lines of opportunity. Just like my blog, you have to have a vision of possibilities, a passion to fulfill them, and a meaningful plan or designs which will help you map a course to success. This is what I do with my company; I help people develop their vision of success.
If you take the time to consider the possibilities and develop a vision, or two or three, you can pursue a level of personal productivity you never dreamed of. You are not limited to any one way of doing business; there is no trap to prevent you from creatively seeking opportunity outside the traditional practice design. You can completely fulfill your first objectives, reduce your long term risk, avoid the potential downside of over regulation, pursue other interests, and grow. You will likely need help in this.
Ultimately it is your business. More tools to expand, develop, tweak, and complete goals have been made available to you and the number is increasing every year. You don’t have to use them all, but a few will make a difference. Pause and think of your vision and opportunity. Develop goals to reach. Plan your success by creating a real plan of action. Gather support and supply from other experts and assemble a ‘team’. This team does not have to be people who meet with you; they may just have capacity available to you over the internet. Become an expert in business development by hiring the experts. Implement your plan. You can be much more successful than you ever thought.
P.S. – The Profitability Curve. As you increase productivity and efficiency in business through the effort of building more platforms, you will become better at running your practice and much more profitable. Your breadth of knowledge will become more valuable to you.
Monetize your practice to a higher, more diverse level.
If you are worried about how to maintain your practice under the potential negative effects of Obamacare, consider these strategies:
Develop alternative lines of business related to medicine
Take your practice to the internet
Reduce income risk by creating more unearned income
Move beyond traditional business platforms and technology
Increase patient communications
Divert fees to alternative lines of unearned income
If you take some strategic steps and focus on income sources, you could build your overall business platform to the extent that normal billing is secondary rather than primary. Wouldn’t it be easier if regulations, insurance, and taxes had less impact on your ability to see patients?
Practice Management is a familiar subject. Our specialty at Ecspex is providing the solutions your practice manager or service normally does not, a design for your successful lifetime.
A major, often over-looked, segment of managing your success is developing a good over-all plan to manage your finances, business opportunities outside of the practice, and good long-term strategies with a view that’s much larger than the daily effort of owning a practice or managing your private office.
Our speciality is your lifetime; the success of your overall productive life including your practice years, your potential second or third careers, your family and partners, and all the things implied by the fulfilment of your many opportunities.
Here’s a list of things often thought about yet rarely planned as well as most would like:
Setting high and measurable expectations
Developing goals and way-points to measure success
Expected rate of return on all aspects of business
Finding the best resources by seeking the best providers
Selecting and implementing strategies
Seeking alternative business opportunities
Weighing the risks associated with your opportunities
Knowing when to pursue and when to change course
Connect with Ecspex and learn how to advance your practice!